| 1. |
Understanding
that a matrimonial divorce settlement is NOT
an exact science. If a financial divorce settlement
was a straight mathematical equation, we wouldn't
need courts and lawyers to resolve matters.
Courts are usually required, under Family Law
legislation, to take into account a range of
factors in deciding who gets what. |
| 2. |
Settling
for a 50% split of the matrimonial property
WITHOUT taking into account matters such as
significant disparities between what your husband
earns and your own weekly/monthly income and
any restrictions your age or health might have
on your capacity to earn income. |
| 3. |
Letting
your spouse retain the matrimonial home IF you
have the ability to buy him out. Real estate
property has a habit of increasing in value
without you having to do anything. If you pass
this up and he pays you out then the problem
often is that you don't have enough money to
purchase a property of your own. Deposits, stamp
duty, legal fees etc. can put buying another
home out of your reach. You're left paying out
dead money in rent. |
| 4. |
Keeping
the matrimonial home when you really CAN'T afford
to financially. If buying out your husband's
share in the house is going to involve you taking
out a big loan, you need to factor in the monthly
loan repayments PLUS outgoings such as rates,
building insurance, public liability insurance
and general maintenance costs. Only then will
you know whether or not you can actually afford
to keep the house. |
| 5. |
Failing
to take other matters such as alimony and child
support into consideration BEFORE agreeing on
a division of the matrimonial property. |
| 6. |
Not
appreciating that it is the current value
of property that is taken into account - not
replacement value. This means that if the family
car is worth $10,000, it is often better to
keep it, as you may have to spend twice this
just to replace it. If you have the kids then
they have to get to school, football training
etc. somehow. |
| 7. |
Failing
to realise that the marital furniture and effects
are usually secondhand furniture and therefore
not worth a lot of money. For example, the fridge
that you paid $1,000 for new may now only worth
a few hundred dollars. Keeing the bulk of the
furniture (if it is in good condition) will
avoid you having to pay a lot more money to
replace it. |
| 8. |
Accepting
the inflated financial value your husband is
likely to put on any property that you want
to keep and the low value he's likely to put
on any property he actually wants to keep. |
| 9. |
Arguing
over the little things. By this we mean, fighting
for items of little financial worth. It's pointless
paying hundreds of dollars in legal fees disputing
who is going to get the $50 stamp collection. |
| 10. |
Overlooking
other assets such as boats, trailers, machinery,
pensions, retirement funds, stocks, shares and
life insurance as matrimonial property and/or
financial resources. |
| 11. |
Failing
to make your husband take out life insurance
(with you as the owner and beneficiary) to guarantee
his payments of any child support or alimony. |
| 12. |
Believing
that if you go "soft" on your property
settlement entitlements, your husband will be
easier to deal with as regards the children. |
| 13. |
Seeking
divorce financial planning advice from a lawyer
instead of a financial planner. |
| 14. |
Reaching
an informal agreement that is not legally binding
- even if it's written down and both parties
have signed it. |
| 15. |
Giving
in to your husband because that's what you've
always done. |
Do-It-Yourself
